 Honesty and Integrity: Petrucci Real Estate ServicesAppraising is generally a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever in the past. So it goes without question these days that real estate appraisal can certainly be dubbed a profession as opposed to a trade. As with any profession we must follow strict ethical considerations.
The appraiser's main responsibility is to their client.
Typically, for a standard residential appraisal, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
Certain details pertaining to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you want a copy of an appraisal report, you generally should obtain it via your lender instead of the appraiser.
Appraisers may sometimes have fiduciary responsibilities to third parties, including homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary role is only to those third parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
There are also ethical rules that have nothing to do with whom we share information. For example, appraisers must backup their work files for a minimum of five years - at Petrucci Real Estate Services you can rest assured that we abide by that rule. Petrucci Real Estate Services holds itself to the industry standards and guidelines set in place for ethics. We won't accept anything less from ourselves. Accepting orders based on contingency fees is not something we can consider. That is, we can't agree to do an appraisal report and base our pay upon coming up with a particular value conclusion. It should be obvious that inflating a value to achieve essentially a bigger paycheck is unethical! Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") also states unethical behavior as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)", "a direction in assignment results that favors the cause of the client", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be confident we are doing everything we can to get you an accurate home or property value. With Petrucci Real Estate Services, you can be assured of 100 percent ethical, professional service. |
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